Industrial Vehicles Market is slated to acquire a significant market valuation of USD 35 billion by 2025
Industrial Vehicles Market Overview
According to the new report by Market Research Future (MRFR), the global industrial vehicles market is slated to acquire a significant market valuation of USD 35 billion by 2025, at a steady 3.5% CAGR over the review period.
Industrial vehicle can be defined as any vehicle which is useful to carry, push, pull, lift, stack or tier materials for use in industries. The various types of industrial vehicles are used by different industries such as tow tractors, utility vehicles, burden carriers and stock chasers among others. Industrial vehicles facilitate the movement of goods efficiently and safely with no or very low emissions.
The prominent players identified by MRFR in the global industrial vehicles market are Crown Equipment Corporation (US), Anhui Heli Co., Ltd (China), Hangcha Group Co. Ltd (ChinaJungheinrich AG (Germany), ), Hyster-Yale Materials Handling, Inc. (US), Kion Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Konecranes plc. (Finland), Doosan Corporation (South Korea), and Toyota Industries Corporation (Japan).
The global industrial vehicles market cars as drive type, product type, application, and region.
Based on the product type, the global market has been segmented into an end-used forklift, aisle truck, container handler, tow tractor, and others. The container handler segment is anticipated to observe substantial growth over the review period owing to the growth of the transportation sector and growing demand for the management of bulky goods in warehouses.
On the basis of drive type, the global industrial vehicles market has been segmented into battery-operated, internal combustion engine (ICE), gas-powered, and others. The ICE segment accounts for the largest market share in the global industrial vehicles market over the assessment period owing to the growing usage of ICE engines in towing applications and growing demand for ICE container handles in warehouses and material management divisions.
Based on the application, the global market has been segmented into cargo, industrial, and others. The industrial segment accounts for the leading market share in the review period, driven by the improved industrialization and rising demand for automated vehicles, and forklift from numerous industry verticals for material management and inventory regulations.
Based on the region, the global industrial vehicles market ha been segmented into Asia-Pacific, North America, Europe, and the rest of the world.
Asia-Pacific has been assessed as the largest region of global industrial vehicle market in terms of value, owing to the high demand and growth of the automobile sector in the developing nations of the region such as India, China, Japan, and South Korea. The rapid industrialization in the region is leading to an upsurge in demand for using industrial vehicles for transporting end-use goods and raw materials for storing in warehouses. Asia-Pacific is followed by North America and Europe, in terms of market value.
North America and Europe have established automobile industries and higher demand. Moreover, technological advancements and stable economic dynamics also contribute to the growth of the industrial vehicles market over the forecast period.
Several emerging economies of Asia Pacific, Middle East, and south America such as India, China, Brazil, Mexico, and Saudi Arabia are in the process of developing smart factories in the material management industry and the rising demand for driverless industrial vehicles is also expected to create a scope of growth opportunities for the global market of industrial vehicles over the forecast period.